Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

17 When time is stated to be of the essence in a contract a.performance must take place within a reasonable time. b.this means that time

17 When time is stated to be of the essence in a contract

a.performance must take place within a reasonable time.

b.this means that time is a contract condition that must be strictly complied with.

c.this means that performance must be completed within the limits specified by the UCC.

d. has been construed to mean that delay, unless unreasonable, will not eliminate a partys right to payment.

18.If, before either party to a contract has a duty to perform,one of the parties refuses to perform

a.the non-breaching party must remain ready to perform for a reasonable time.

b.the non-breaching party must perform to the extent commercially reasonable.

c.both parties are excused from performing the contract.

d.the refusal to perform can be treated as a present breach of contract and damages can be immediately sued for by the non-breaching party.

23.When an agent retains benefits or profits that belong to his/her principal

a.an action against the agent for replevin may be brought by the principal.

b.the principal may demand an accounting from the agent.

c.the principal may demand that the agent post a bond in an amount determined by the court.

d.an action against the agent for the imposition of a contructive trust may be brought by the principal.

24.A gratuitous agent

a.owes no duties to the principal.

b.cannot be liable for breach of contract because there is no contract.

c.is held to a lower standard of care.

d.can act to benefit himself/herself as well as the principal.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Knowledge Auditing Foundations For Knowledge Management Implementation

Authors: Patrick Lambe

1st Edition

0262545039, 978-0262545037

More Books

Students also viewed these Accounting questions